Final answer:
When decision-makers select the first acceptable alternative considered, the result is known as satisficing. This decision-making strategy involves choosing the first option that meets minimal requirements rather than seeking the optimal solution.
Step-by-step explanation:
When decision-makers select the first acceptable alternative considered, the result is known as satisficing. Satisficing is a decision-making strategy where individuals or groups choose the first option that meets their minimal requirements, rather than conducting an exhaustive search for the optimal solution.
This approach is based on the notion that people have limited time, resources, and cognitive capacity, so they prioritize satisfactorily addressing the problem rather than pursuing the best outcome. Satisficing can be seen in various fields, such as business, politics, and personal decision-making.
For example, if a company needs to hire an employee and receives several applications, they may choose the first candidate who meets the basic qualifications rather than conducting extensive interviews or considering all applicants.